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INTERNATIONAL ORTHODONTICS FOUNDATION TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 5 APRIL 2021 Financial revlew The net income for the year was £174,972 12020: £101.833) which induded investment gains of £154.326 (2020.. £69,580). The net in(x)me before investsnent retums was £20.646 (2020: £32,253). The total income reiVed Wds £52.759 {2020."£160,98n. This arose from donations of £52.746 12020." £160,897} and investment income of £13 12020" £91). The donations came via gfft aid donations from Orthodontic Research & Development Ltd. The levd of dfflations deeaSed in the year as a result of a eduction in activty due to the effects ofthe Coronavirus pandemie. Total expendrture amounted to £32.113 (2020.. £128,735} whith primarÈly ccffjsisbj of direct charitable expendrture of £29,%9 and suppjrt co$ of £2,144. The policy of the Trustees is to hold the fixed assets investsrnts for (3pitsI appreciation and not to fund the ongoing eharity expenditsjre. It is the belief of the Trustees that suth expenditure ill continue to be frjnded by donats.ons from the tharity's substdiary company. As suth the annual target of the charity is to spend an amount approximatdy equivalent to the annual income from this source. Thus the poliw of the Trustees is not to hold material reserves. However the reseNes totslled £30.430 at the balance sheet dates as represented by net eurrent assets. The Trustees have a wholly ¢)wned trading subsidiary known as ort10ntiC Research and Development Limited of which both Trustees are also direclor5. Any proffts arising in the subsidiary (Dmpany are transferred by gift aid donation to the charity on an annual basis. Structure. governanee and management The charty is a charitable incor[Ked orgarsatIon govemed by a u)nsttiUii dated 17 June 2015. The Trustees, are also the diredor5 forthe purkN)se of o)mpany law. and serypAI duriro the year and up to the date of signature of the financial statementsv•Ere: Professor D Bister Professor F McDonad Additional trust can be appointed al the disuetion of the board. None of the Trustees has any benefiaal interest in Ihe (1panY. All of the Trustees are members of the company and guarantee to contrtjute £1 in the event of a wnding up. The charity is athninislered on a day lo day bas.s by the Twstees who regulaty hold infom)al meetings to discuss ongoing issues arising. AJI Trustees give freety of their time and no remuneration or benefits are paid to them. The Trustees. report was a proved by the Board ofTrustees. Professor F McDonald Dated.. 10 January 2022
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INTERNATIONAL ORTHODONTICS FOUNDATION BALANCE SHEET ASAT5APRIL 2021 2021 2020 Fixed assets Mne portfolio Unquoted investments Listed investments 11 11 11 647,359 486,361 24,016 17,793 671,377 504,156 Current assets Debtors Cash at bank and in harKI 13 18,415 16.463 22,719 9,262 34.878 31.981 Creditors: amounts falling due within one year 14 14,448) {9,302} Net current assets 30,430 22,679 Total ass8ts less current liabilities 701,807 526.835 Income funds Unrestricted frJn(ts 701,807 526,835 701,807 526,835 The accounts were approved by the Board of Trustees arnj were aUth(Sed for issue on 10 January 2022 and signed on its beh Professor F McDonald
INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
International Orthodontics Foundation is a Charitable Incorporated Organisation incorporated in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing documen t , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
No consolidated accounts have been prepared as the combined income of the charity group (including the subsidiary company) did not exceed the sum of £500,000. In these circumstances the Statement of Recommended Practice allows a consolidation to be dispensed with. In the view of the Trustees such consolidation would not result in a postiion materially different to that stated in these accounts.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Since the start of January 2020, the outbreak of coronavirus, which is a rapidly evolving situation, has adversely impacted global commercial activities. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.
The Trustees do not believe there is any financial impact to the Financial Statements as at 5 April 2020 as a result of this event. The valuation of the financial assets and liabilitie s as disclosed in the financial statements reflects the economic conditions in existence at that date.
The Trustees are monitoring developments relating to coronavirus and are coordinating its operational response based on existing business continuity plans and on guidance from global health organisations, relevant governments, and general pandemic response best practices. The main effect at present is a reduction in activity in the subsidiary company resulting in reduced income received by the charity. However it is believed that such impact will be short term and not adversely impact the charity in the long term.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Any irrecoverable VAT is charged against the expenditure heading to which i t relates.
Charitable expenditure includes grants payable, consultancy fees and trustee expenses incurred regarding the provision and supervision of charitable projects. Support costs are also included under charitable expenditure in line with the Statement of Recommended Practice.
Support costs comprise governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees .
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.9 Taxation
As a registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Gift Aid donations from subsidiary | 2021 £ 52,746 52,746 |
2020 £ 160,897 160,897 |
|---|---|---|
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
4 Investment income
| 5 6 |
2021 2020 £ £ Income from listed investments 2 65 Interest receivable 11 26 13 91 Raising funds UnrestrictedUnrestricted funds funds 2021 2020 £ £ Investment management 2,144 1,155 2,144 1,155 Charitable activities 2021 2020 £ £ Direct charitable expenditure 2,938 7,109 Grant funding of activities 19,028 113,036 Governance and support costs 8,003 7,435 29,969 127,580 |
|---|---|
Included in governance costs are independent examination fees of £3,900.
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
7 Grants payable
| Grants to institutions: Cancer Research UK Royal College of Surgeons of Edinburgh Guide Dogs for the Blind Guys & St Thomas's Hospital Macmillian Cancer Open University Kings College London University College Hospital London Dentaid Dental Age Other Grants to individuals |
2021 £ 1,000 1,960 1,000 931 2,000 - 5,491 1,150 1,076 - - 14,608 4,420 19,028 |
2020 £ - 22,113 - - - 19,702 8,438 - 21,850 13,227 11,845 97,175 15,861 113,036 |
|---|---|---|
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. The sum of £9,605 (20 20 - £ 6,572 ) was reimbursed in the year to t wo Trustees in respect of costs associated with the objectives of the charity.
9 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
10 Net gains/(losses) on investments
| Revaluation of investments Gain/(loss) on sale of investments |
2021 £ 151,522 2,804 154,326 |
2020 £ 57,235 12,345 69,580 |
|---|---|---|
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
11 Fixed asset investments
| Listed investments Wine Portfolio £ £ Cost or valuation At 05 April 2020 17,793 486,361 Additions - 15,697 Valuation changes 6,223 145,301 At 5 April 2021 24,016 647,359 Carrying amount At 05 April 2021 24,016 647,359 At 05 April 2020 17,793 486,361 Unquoted investments Shares held at cost |
Total £ 504,154 15,697 151,524 671,375 671,375 504,154 2 |
|---|---|
The Trustees own the whole of the issued share capital of Orthodontic Research and Development Limited a trading company registered in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ. All profits are paid to the charity by gift aid donation on an annual basis.
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INTERNATIONAL ORTHODONTICS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
| 12 Financial instruments Carrying amount of financial assets Investments measured at cost less impairment Carrying amount of financial liabilities Measured at amortised cost 13 Debtors Amounts falling due within one year: Other debtors 14 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2021 £ 671,376 4,448 2021 £ 18,415 2021 £ 2 4,446 4,448 |
2020 £ 504,155 9,302 2020 £ 22,719 2020 £ 2 9,300 9,302 |
|---|---|---|
15 Share capital
The company has no share capital being a Charitable Incorporated Organisation.
16 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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